Oil prices fell to nearly $96 today after a second fire broke out at a Japanese nuclear plant and radiation levels rose, a result of the earthquake and tsunami that hit Japan last week.
US crude dropped to $96.22, the lowest price this month, and Brent for April delivery was down by $1.17 at $107.35 a barrel, reports Reuters.
The market was also affected by events taking place in other countries.
Prices rebounded as Bahrain forces attempted to clear its streets of protesters. Bahrain declared martial law on 15 March 2011 as the government struggles to avert an uprising from its Shi’ite Muslim majority, and has drawn in Saudi forces for the purpose.
Meanwhile, in Libya, Gaddafi’s forces pushed eastwards toward the rebel stronghold of Benghazi and looks to predict victory within days.
Libyan oil output of about 1.6 million barrels per day will take some time to return to normal, according to the National Oil Corporation.